Exactly. You can still fly businesses and pay the same price as before, it just became massively more accessible than before,
You can't really though - e.g. 25 years ago you could fly economy from Vancouver Canada to Sydney Australia for $2600. (Inflation adjusted.) You can now do that flight for $1400. Pretty good, but the kicker is that flying business class is now $5300. Even premium economy is $4400. (Prices are all the cheapest I see on Google Flights over the rest of 2024, so some of them are limited to very specific dates.)
Probably the most equivalent price to 25 years ago is basic economy plus paying for a meal, snack, checked bag and selection of an exit row seat, but today's premium economy is probably the most equivalent service level to yesterday's basic economy.
From what I can find e.g. SF to Sydney was $2300 US in 1986 (over $6000 now).
London - Sydney. Allegedly might have been as low $600 (~$2200) both ways in 1980 (though I don't think economy back then was even remotely close to modern business class...)